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Archer Media Entertainment Accepts Arjuna Media Bid to Take Over Company
LOS ANGELES, Jun 16, 2010 (BUSINESS WIRE) -- Archer Entertainment Media Communications, Inc. (OTCBB:AEMC) has accepted a bid by Ian Colhoun, a sixth-generation John Deere family member, to take over the Company, Archer's Board of Directors reported today. Michael Jay Solomon, Arjuna's Chairman and Chief Executive Officer, remarked that the new arrangement will benefit all shareholders.
"We have agreed to acquire Archer," Solomon said, "and have arranged funding up to $20 million to be used for new ventures, including the distribution of independent films, for which we have identified a robust market." Colhoun will serve as President and Chief Operating Officer of Arjuna Media Inc. "We are in negotiations with several companies to joint venture various enterprises spanning the entire entertainment arena, including films, television, and music," Colhoun said.
Arjuna Chairman Michael Jay Solomon notes that the entertainment industry is in flux due to an unprecedented series of events, including elusive audience tastes, a severe recession affecting the spending habits of millions of entertainment consumers, and uncertainty surrounding the fate of major movie studios owned by multi-national corporations. "Big companies are averse to business plans such as found in the film business, that do not predict a consistency of income. The entertainment industry, by and large, is based on emotion, both of the producers and their shifting audience's discernment. It requires experience, bravery, and a certain amount of risk to succeed, whose concerns present opportunities to a company like Arjuna."
Arjuna Media's business plan is deliberately conservative, and the Company will not produce nor fund production, but will instead capitalize itself through direct investment and joint venturing opportunities with leading film entertainment management teams and major Wall Street and International sources of capital.
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